Former U.S. President Donald Trump has put forward a proposal to introduce a new "Gold Card" program, allowing affluent individuals to secure U.S. residency and a path to citizenship by investing $5 million. Trump claims this initiative could generate significant revenue and help reduce the national debt.

Speaking to reporters, Trump outlined plans to replace the existing EB-5 visa program, which grants green cards to foreign investors who contribute to job creation in the U.S. Instead, his administration would introduce the "Gold Card," offering similar privileges but at a fixed price.

“We’re going to sell a Gold Card for $5 million, providing green card benefits and a streamlined route to U.S. citizenship,” Trump said. “This will attract wealthy individuals who want to invest in our country.”

He estimated that one million of these cards could be sold, potentially raising billions for the U.S. economy.

When asked whether Russian nationals, including oligarchs, would be eligible, Trump responded, “Possibly. I know some Russian oligarchs who are very nice people.”

Further details on the program are expected to be revealed in the coming weeks. Commerce Secretary Howard Lutnick criticized the EB-5 program as being riddled with fraud and inefficiencies, stating that the proposed Gold Card would provide a more straightforward and transparent alternative.

The EB-5 program, established in 1990, was designed to stimulate the U.S. economy by attracting foreign investment and creating jobs. However, Trump’s proposed overhaul aims to introduce a more direct and profitable system for wealthy immigrants seeking residency in the United States.